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02-08-2009, 01:47 PM
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#1 |
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Registered User
Join Date: Mar 2008
Posts: 24
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Do I qualify for the 2008 first time home buyer credit?
Filling out my taxes using one of the major tax software programs. I got to the part about the $7,500 first time home buyer credit. I filled in the questions and it says I do qualify, but I'm not sure that's correct. Here's my situation:
We moved in 2008. We bought our previous house in October 2001 and then sold it in July 2008. We bought our current house in August 2008. The tax software defines a first time home buyer as: "A person is considered a first-time homebuyer if he or she (or spouse) has no ownership interest in a principal residence during the 3-yr period before the new home is purchased" The way I read it, I don't meet the 3 year rule, right? Or does it mean you can't have purchased another home within the previous 3 years? The $7,500 would be nice as we are planning a kitchen remodel right now, but obviously I don't want to take it if I don't qualify. That's a can of worms I don't want to open. Thanks. Mark |
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02-08-2009, 04:33 PM
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#2 |
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Registered User
Join Date: Oct 2001
Posts: 1,586
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Indiana627,
Nice try, your tax software is correct. You can not have owned a home in the last 3 years prior to closing on a home purchased between April 8,2008 and June 30, 2009. Also your modified adjusted gross income can not exceed $95,000 single filer or $170,000 filing jointly. The amount of credit is determined on form 5405. The 10% refundable tax credit (up to $7,500) is really a 15 year interest free loan. You would need to start making payments with your 2010 tax return. |
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02-08-2009, 05:53 PM
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#3 |
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No Disclaimer Necessary
Join Date: Feb 2005
Posts: 1,772
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clyde,
I need you to do my taxes! Seriously, you are a steadfast contributor to this forum, even throughout the site's many problems (and they are many). My hat's off to you, sir. I don't think you get enough recognition for your services. Dingo
__________________
"A nickel ain't worth a dime anymore." - Yogi Berra |
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02-08-2009, 06:50 PM
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#4 |
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Registered User
Join Date: Jan 2007
Posts: 1,084
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Yep, I agree! If there's a tax question, I wait for clydewolf's brilliant answer.
__________________
"Wealth is the slave of a wise man. The master of a fool." -- Seneca |
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02-08-2009, 06:58 PM
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#5 |
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Registered User
Join Date: Mar 2008
Posts: 24
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clydewolf,
Yup after I did some more digging I too realized I was not eligible. Not sure why my software didn't tell me that. In it's defense, it is waiting for another federal update sometime this week. |
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02-08-2009, 07:29 PM
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#6 |
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Registered User
Join Date: Oct 2001
Posts: 1,586
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Thanks guys.
Now, I have to go buy a larger hat. |
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